Company Accounts

20 Questions  I  By Sweetsalman123
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1.  Dividend paid before the end of the financial year is known as__________  
A.
B.
C.
D.
2.  X Co. Ltd. issued 1,00,000 debentures of Rs. 100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures will be  
A.
B.
C.
D.
3.  Gopi Ltd. Purchased land and building from Mohan Ltd. For a book value of Rs.200000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account is credited with  
A.
B.
C.
D.
4.  The maximum amount of capital that a company can raise is called  
A.
B.
C.
D.
5.  1. 50,000 equity share of Rs.100 each fully called up 2. Calls in arrears Rs.50,000 3. Proposed dividend 20%  
A.
B.
C.
D.
6.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
7.  Ashok Ltd purchased land and building from Vivek Ltd for a book value of Rs.2,00,000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account is credited witha
A.
B.
C.
D.
8.  Koina Ltd. issued 15,00,000,12% debentures of Rs.50 each at premium of 10% payable as Rs.20 on application and balance on allotment. Debentures are redeemable at par after 6 years. All the money due on allotment was called up and received. The amount of premium will be  
A.
B.
C.
D.
9.  A collateral security of 8,000 10% Debentures of Rs.lO'each has been issued at a premium of 25% to A in lieu of a loan of Rs.1,00,000 taken on 1st January, 2006. At the end of the year, interest was paid on:  
A.
B.
C.
D.
10.  Shiva Ltd. Issued 20,000 shares of Rs. 10 each at a discount of 10% Payments were to be made as -application Rs. 3; on Allotment Rs. 4 and on First and Final Call Rs. 2. Applications were received for 18,000 shares and all were accepted. All money duly received. Balance Sheet total will be____________.  
A.
B.
C.
D.
11.  Loss on issue of debentures is treated as__________ .  
A.
B.
C.
D.
12.  According to Section 78 of the Compaines Act,the amount in the securities premium A/c can be used for the purpose of
A.
B.
C.
D.
13.  A company forfeited 2,000 shares of Rs.10 each held by Mr. Mohan for nonpayment of allotment money of Rs.3 per share. The called-up value per share was Rs.8. On forfeiture, the amount debited to share capital will be 
A.
B.
C.
D.
14.  Tarun Ltd purchased building from Varun Ltd for a book value of Rs.400000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account will be credited
A.
B.
C.
D.
15.  As per table A of the companies Act 1956, a company can charge interest on call in arrears at the rate of  
A.
B.
C.
D.
16.  Omega Ltd. purchased assets of Alfa Ltd. for purchase consideration of Rs.6 lacs. It was decided that the purchase consideration will be discharged by issue of 10% debentures of Rs.100/-each at a premium of 20%. The number of debentures issued will be  
A.
B.
C.
D.
17.  A Company issued Rs. 50,000 10% debentures at a discount of 5% redeemable after 5 years at a premium of 5%. Loss on issue of debenture will be  
A.
B.
C.
D.
18.  Light Ltd. has 10,000 5% preference shares of Rs. 10 each to be redeemed after 5 years. The company forfeited 500 preference shares on which final call of Rs 2 has not been received, after due.notice and cancelled these shares on account of redemption. Remaining shares were redeemed out of reserves of the company. The amount to be credited to capital redemption reserve will be  
A.
B.
C.
D.
19.  G Ltd. acquired assets worth Rs.75,000 from H Ltd. by issue of shares of Rs.10 at a premium of Rs. 5. The number of shares to be issued by G Ltd. to settle the purchase consideration will be  
A.
B.
C.
D.
20.  (i) 1,00,000 Equity shares of 10 each fully called up. (ii)  Calls in arrears Rs. 10,000 (iii)  Calls in advance Rs. 5,000 (iv)   Proposed dividend 15% Dividend payable will be  
A.
B.
C.
D.
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